Periodic inventory by three methods; cost of goods sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 50 units at $92 Mar. 10 Purchase 40 units at $100 Aug. 30 Purchase 20 units at $108 Dec. 12 Purchase 90 units at $112 There are 40 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the ending inventory cost and the cost of goods sold by three methods. Round interim calculations to one decimal and final answers to the nearest whole dollar. Cost of Ending Inventory and cost of Goods Sold Inventory Method Ending Inventory Cost of Goods Sold First-in, first-out (FIFO) $ Last-in, first-out (LIFO) Weighted average cost Lower-of-Cost-or-Market Inventory On the basis of the following data: Inventory Quantity Cost per Unit Market Value per Unit (Net Realizable Value) Product 262 Model A $226 $202 Model B 279 Model C 116 129 Model D 272 286 Model E 40 158 176 Determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit 9. 46 Inventory at the Lower of Cost or Market Product Total Cost Total Market $ Lower of Total Cost or Total Market Total $1